A fund is opposing an application to appoint an examiner to one of Ireland’s top golf courses, the High Court has heard.
Druids Glen Golf Club Ltd (DGGC), which owns and operates the Druid's Glen Golf Course, sought court protection two weeks ago.
The adjoining Druids Glen five star hotel, and a second 18 hole course, the “Druids Heath Golf Course”, are not part of the examinership process.
DGGC sought protection after Gulland Property Finance Ltd, which acquired a loan made by Anglo Irish Bank to Lakeford Ltd, a related company of DGGC, appointed a receiver over the 18 hole championship course.
Gulland says it is owed some €4.85m by the related company and it appointed the receiver over the golf course at Newtownmountkennedy, Co Wicklow after its demand for payment was not satisfied.
Following the receiver’s appointment, DGGC went to the High Court seeking to have the receiver removed and an examiner aponted instead.
On Friday, when the matter was briefly mentioned before Ms Justice Caroline Costello, she was told Gulland opposes the appointment of insolvency practioner John McStay, of McStay Luby Accountants, as interim examiner to DGGC and Lakeford, an Isle of Man registered company.
Lyndon MacCann SC, for Gulland, and the receiver said examinership will be opposed and the receiver was finalising a sworn statement outlining their objections and critiquing information put before the court in the application for examinership. Gulland had “the most significant economic stake” in the examinership, he added.
Patrick Leonard SC, for DGGC, said his side needed time to consider and, if necessary, reply to Gulland’s sworn statement.
The judge adjourned the matter to next month.
DGGC, which employs 36 people, previously hosted some Irish Open Golf tournaments in the 1990s. In 2002, it hosted the Seve Trophy, a competition where Ireland and Britain’s top professional male golfers take on Continental Europe’s top male players.
Mr McStay was appointed interim examienr by Mr Justice Robert Haughton on the basis of material including a report from an independent expert expressing the opinion the company has a reasonable prospect of survival as going concern.